Bridas acquires Argentine downstream company Esso from ExxonMobil

Bridas first announced the Esso deal in March 2011. The purchase includes a 90,000 bpd refinery in Buenos Aires province, for which the company plans to raise capacity by 60% for diesel and 50% for gasoline.

The transaction turns Bridas, which runs Argentina's Pan
American Energy, into a fully-integrated oil and gas producer
by adding a refinery and more than 700 gas
stations in Argentina, Paraguay and Uruguay to its
business.

The former Esso company, now called Axion Energy, will
continue to use the Esso brand at its gas stations, Axion said
in a statement.

Axion said it plans to raise the production capacity of its
refinery by 60% for diesel and 50%
for gasoline.

Bridas first announced the acquisition of Esso in March
2011. The deal included a 90,000 bpd oil refinery in Buenos Aires Province
and more than 500 gas stations in Argentina and 220 gas
stations in Paraguay and Uruguay.

At the time it was made public, the deal was expected to
turn Bridas into Argentina's No. 2 oil and gas company after
YPF SA.

Bridas didn't disclose the value of the transaction, which
people working in the oil and gas sector have estimated at
between $800 million and $850 million.